Business Services Software Weekly Payroll Pulse & Technology Tally

研报英文原文证据摘录

Business Services Software Weekly Payroll Pulse & Technology Tally

TUE 7/28—TSS—ACN, SSNC, TRI are Top Ideas in Earnings (Video Link)—Flattish IT

budgets and uneven AI ROI favor Accenture, SS&C, and Thomson given exposure to AI

deployment, regulated end markets, and moats.

WED 7/29—CGI—Federal Rebound and SI&C Booking Resilience—stronger AI

opportunity pipeline, improving federal demand, and a third consecutive quarter of

100%+ SI&C book-to-bill support confidence in CGI's execution.

THU 7/30—TSS—Capg Guide BOOST Offers More IT Comfort—Capgemini's raised

outlook provides another positive signal for enterprise IT spending and supports

Accenture's AI-led transformation opportunity.

Earnings Updates

TRU—Q226—Q2 beat and raised FY26 guidance, supported by stronger mortgage

trends, improving India performance, and continued OneTru platform migration.

ADP—Q426—Q4 beat with solid execution across Employer Services, though FY27

guidance pointed to moderating growth and a stable macro environment.

CGI—Q326—Reported a revenue beat with improving federal demand, resilient

bookings, and growing AI adoption opportunities across enterprise clients.

CTSH—Q226—Reported mixed results but continued to highlight accelerating AI

engagements, platform adoption, margin improvement, and healthy bookings activity.

EFOR—Q226—Reported a Q2 beat and introduced Q3 guidance above Street

expectations, though leverage increased following the Quinnox acquisition.

FICO—Q326—Reported an EPS beat despite a revenue miss and raised FY26 guidance,

while industry and regulatory changes remain key investor debates.

Price Target Changes

FICO to $1,200 PT [from $1,320] based on ~15.0x [from ~16.2x] 28E EBITDA amid

uncertain pricing and market share.